Another article showing concern in the housing market- yet the author may have lacked critical thinking

Most don’t wait to buy a house. The ones that do are usually left behind.
There’s always a catastrophe someplace and it’s usually someplace else than the mid Atlantic coast.
Yugo was 33 years ago and it didn’t come ashore on the North Carolina coast, not even close, far from it down in Charleston South Carolina.

Even with the above a storm 33 years ago hasn’t stopped the price appreciation or the massive influx of people in the lower part of South Carolina any different than any other part of the country, including Florida with massive increases in home prices and population growth and by far the most hurricane prone state in the nation 🙃
Ya we had a house on the ICW side of barrier island in Charleston SC which survived although our sailboat ended up on the front porch of a business. I any case I was think of a Hugo sized storm hitting coastal SC/NC.
 
Just about everyone who saw massive appreciation saw insurance increases. Would you rather roll back your equity?
For me I rather my home value, insurance and taxes all be low.

High home values benefit the bank the taxman the insurance agent but only once in a lifetime for the average homeowner

I know one guy who has had to move three times over many years and lost money in all 3 homes due to when he was laid off, had to move and subsequently built up to buy another home.

For every winner there is a loser.
 
For me I rather my home value, insurance and taxes all be low.

High home values benefit the bank the taxman the insurance agent but only once in a lifetime for the average homeowner

I know one guy who has had to move three times over many years and lost money in all 3 homes due to when he was laid off, had to move and subsequently built up to buy another home.

For every winner there is a loser.
Yep, but you can't convince most people of this. In my old neighborhood back in 2006 everyone was standing around lamenting on how rich they were and how much there houses were now worth. I commented that it doesn't matter - if I sell this house, I just need to go buy another house that has also risen in value. I got the deer in the headlights stare. I guess it meant they could open a new HELOC and buy more chinese junk.
 
Last edited:
we live/just bought in one of the hottest markets in the country (North Carolina),
Bingo! I did also. Bought a beach house on TI and a house in Wilmington. Real Estate is about location, location, location and timing.

Just keep it quiet.


1686264554812.jpg
 
Bingo! I did also. Bought a beach house on TI and a house in Wilmington. Real Estate is about location, location, location and timing.

Just keep it quiet.


View attachment 160188
I know! I know!
Way too many people coming over here …
Ps. Looking forward to riding my Road King along the coast exploring.
From the NC/SC border to Cape Fear, Wilmington is on our must do list too.
Whether we have time for it all in one summer I don’t know. Also have our small Chaparral to check out the intracoastal, islands, inlets and off shore on calm days…
That aspect I’m not expecting to be as good as the south shore of Long Island but maybe I’ll be pleasantly surprised

I don’t know what TI is?
Tybee Island?
 
Last edited:
Topsail Island. Best beaches on the Carolina coast. If you ride your Harley exploring the coast you'll find yourself cruising down Island Drive.

Here's a short clip of a piece of the island.


Shhhhhh !@!@! *LOL*
Thanks for the link,
We are nearby this area, almost a stones throw to Sunset Beach and Ocean Isle.
Liking our new home! Too many people escaping you know where to move here!
 
I've driven through Ocean Isle a couple of times. Very nice place. Has more commercial activity than where I spend my time. There is a very understandable and scientific reason why people like living near an ocean. It is surprising.

 
I've driven through Ocean Isle a couple of times. Very nice place. Has more commercial activity than where I spend my time. There is a very understandable and scientific reason why people like living near an ocean. It is surprising.

Very cool, also for me, I grew up on an island, though it was huge, spent most my life boating on the Great South Bay and Ocean off Long Island.
Took this the other day from my beach chair on Ocean Isle. Yes, more commercial but not overwhelmingly so for us, Sunset is more quiet... we have so much to explore in the coming years, love it and our return to the Ocean.

IMG_3378.JPG


SUPER LOOKING FORWARD to exploring this inlet with the boat once we are settled in here.
Screenshot 2023-06-09 at 10.02.44 AM.jpg
 
The Canadian bank rate went up by another 1/4 percent this week to 4.75. My guess is they aren’t coming down unless we get another economic collapse or a disaster or WW III starts ( or has it already started?).
 
The Canadian bank rate went up by another 1/4 percent this week to 4.75. My guess is they aren’t coming down unless we get another economic collapse or a disaster or WW III starts ( or has it already started?).
Here in the US we are only just getting back to historical norms. Many, again in the US, have been too young to understand that interest rates of the last decade were artificially low.
Nor do they understand what a normal economy is supposed to be as government is borrowing and spending massive amounts of money at rates unseen in the history of mankind.
They will understand one day, it’s all a borrowed fantasy. Built on nothing but paper money and nothing to back it up.
( no politics)
 
Funny, it's not happening here (but read on) Im in constant awe and amazement where we just moved too. Almost 3 months ago now. We bought before any homes were completed and I think up to two hundred more will be built in the coming years.
Anyway, they are now going up and fast as ever, also being everything is selling out like any large builder they are experimenting if more expensive models will sell and from what I hear, which gives some credit to your post, they are cutting back on the "extras" meaning when they started they were throwing in fantastic options, sure it was built into the price and we have so many options, there weren't anything else we could add. At the same time you had to pay the price of the home and could not remove any options.

But now as I watch the new homes of the same models being built I am told, the price is the same but they are not coming with the extras we were given. I will know more once they are finished.

As far as cutting corners, you would think that is a quality issue and local government issue, it wont happen here for two reasons.
One is this is a phase in a resort type community with multiple strong HOAs and the other is a county government that to the best of my knowledge is not corrupt, is honest and nothing passes, framing, plumbing, electrical ect ect unless its 100% right. Even more so they do not allow the builder to fix things on the spot, a new inspection has to be ordered, the builder has to wait AND they will not do multiple issues on one trip, each trip is a specific inspection.
I only say this because I know for fact, every home built here fails inspections regularly. Even at the time our construction manager confirms it and even told us when something failed and they needed to come back on our house.

Im in no way defending builders, some of the slabs we saw being poured in Florida was horrible, its more of a local thing, we bought from the same builder in NC. But Florida we were looking at slabs and discounting specific homes under construction that we would buy, based on sloppy slabs, cracks all over the place, side walls with the hurricane straps miss placed. Saw the same from other Florida builders. I couldn't help but wonder if the tile floors being places in those homes would hold up from cracking since the foundations had cracks. Retyping it, I still cant believe what we saw down there.
 
Last edited:
  • Like
Reactions: GON
One thing to remember, regarding my post above, after I thought about it, that news story in all due respect is technically correct, but I’m not so sure if it’s anything out of the ordinary meaning being, I’m sort of an anti-media person it seems like just another generated news story because the public demands news now every minute of the day 24 hours a day.
The only reason I say that some issues in there are typical new homebuilder issues. Windows that don’t close right and anything else a buyer might notice until after they close on the house.
The thing is the homes come with a one-year bumper-to-bumper warranty so if you have a halfway decent national builder, they will be corrected.
I think a real reporter would have gotten more into the aspects as to why inspector who finds failures in the inspection process the same on every house he inspects and what they are.
 
The thing is the homes come with a one-year bumper-to-bumper warranty so if you have a halfway decent national builder, they will be corrected.
Assuming that the builder actually shows up to fix it. I would want to keep a certain % of the purchase price in escrow that the builder doesn't get until the warranty period is over as an incentive for the builder to actually show up.
 
Assuming that the builder actually shows up to fix it. I would want to keep a certain % of the purchase price in escrow that the builder doesn't get until the warranty period is over as an incentive for the builder to actually show up.
Yes. That's not going to happen for various reasons. No 1 being that the mortgage lender won't allow it. No 2 the builder will tell you to pound sand and sell your house the next day.
 
Assuming that the builder actually shows up to fix it. I would want to keep a certain % of the purchase price in escrow that the builder doesn't get until the warranty period is over as an incentive for the builder to actually show up.
To some degree the builder simply sends the subs back, so it doesn't cost them anything. If the sub wants more work they do it. If the sub doesn't give a rip, then the builder will try every excuse to dodge it.

In our case some things they fixed, some things they tried every excuse in the book. In our case most things were small either way and 9 years later nothing significant has shown up. Although I have found some pretty shotty work - for example the back steps have rotted out - not unexpected in 9 years. However in looking at what i need to do to replace them, I don't think they were even built to code to begin with - 42 inches wide, only 3 stringers, also doesn't look like they used treated material? I will replace them shortly, and put it back together to code.
 
To some degree the builder simply sends the subs back, so it doesn't cost them anything. If the sub wants more work they do it. If the sub doesn't give a rip, then the builder will try every excuse to dodge it.

In our case some things they fixed, some things they tried every excuse in the book. In our case most things were small either way and 9 years later nothing significant has shown up. Although I have found some pretty shotty work - for example the back steps have rotted out - not unexpected in 9 years. However in looking at what i need to do to replace them, I don't think they were even built to code to begin with - 42 inches wide, only 3 stringers, also doesn't look like they used treated material? I will replace them shortly, and put it back together to code.

What happens when you find things that aren't up to code but past the 1-year warranty? Is there any liability on the builder?
 
What happens when you find things that aren't up to code but past the 1-year warranty? Is there any liability on the builder?
No idea. I presume if its something significant I would call an attorney. In this case, for the $100 in materials I just plan to fix it myself.
 
Top